WL Ross & Co. LLC ("WL Ross"), global private equity investor in corporate restructurings enters India with the acquisition of OCM India Limited ("OCM") for $37 million in cash (Rs. 170 crores).
The acquisition of OCM is being made pursuant to a Scheme of Arrangement between Birla VXL Limited (Bombay Stock Exchange: VXL IN) and its existing lenders, creditors and shareholders and OCM and its shareholders and being carried out through The Asset Reconstruction Company of India ("Arcil"). Mr. Sudhamoy Khasnobis, Managing Director & CEO of Arcil stated "the OCM acquisition is the first 100% buyout of a major Indian enterprise by a global turnaround fund."
WL Ross has sponsored over $4.5 billion (Rs. 20,000 crores) of alternative investments since its founding in 2000. WL Ross' notable principal transactions include rolling up five bankrupt US steel companies into the International Steel Group, which was sold in 2005 to Mittal Steel for $4.5 billion. Mr. Ross is a member of the board of directors at Arcelor Mittal. WL Ross opened its India office in Mumbai five months ago.
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